A Framework for Identifying and Analyzing Drivers affecting the Future of Smart Contracts in the Banking Industry

One of the most important applications of blockchain technology is smart contracts. Smart contracts carry out transactions and processes in a completely guaranteed way and without the involvement of third parties. The current research seeks to identify and analyze the drivers affecting the future of smart contracts in the banking industry. The present study is applied in terms of orientation and has a quantitative nature in terms of methodology. In this research, two fuzzy Delphi and Marcos techniques were used for data analysis. In the first stage, 37 drivers were obtained through literature review and interviews with banking experts. These drivers were screened in the next stage by distributing expert questionnaires and fuzzy Delphi technique. 10 drivers were selected for final ranking with Marcos technique. Screened drivers were prioritized by distributing priority questionnaires and Marcos technique. Based on the scores of the Marcos method and taking into account the three indicators of experts' expertise, the intensity of importance and the degree of certainty, the drivers of the level of coordination and integration of the country's banks in accepting new technologies and contracts, the level of integration of information systems in the banking industry, regulatory policies in the country and the type of interaction of banks with fintechs and financial startups respectively having the highest priority in terms of influencing the future of smart contracts in the banking industry.  Practical proposals were developed based on the most prioritized drivers. Carrying out joint research and development projects by the country's banks, paying attention to the compatibility of blockchain technology and smart contracts with other modern banking technologies, comprehensive regulatory policies with the presence of all stakeholders, and the strategic cooperation and partnership of banks with fintechs were among the main suggestions of the research.